The Middle East network security market is all set for rapid growth as organisations in the region realise their vulnerability to increasingly complex cybercrimes. The need to comply with Government cyber legislations has further encouraged businesses to implement network security solutions, fuelling the markets growth in the region.
New analysis from Frost & Sullivan (networksecurity.frost.com), The Middle East Network Security Market, finds that the market earned revenues of USD 341.4 million in 2012 and estimates this to reach USD 933.6 million in 2018.
The Webinar conducted by Frost & Sullivan on 12th February 2013 titled Analysis of the Middle East Network Security Market shared strategic insights on the various drivers, restraints and challenges in the network security market in the GCC. The Webinar discussed the priority areas in network security investment, the level of network security adoption and the technology convergence leading to next generation firewall capabilities in the GCC. To get more insights on the Middle East Network Security Market and view a recording of the complimentary Webinar, click here.
During the Webinar, Ankit Mishra, Senior Research Analyst, Information & Communication Technologies Practice, who closely tracks the IT Security Market, indicated that,"The growing number of organised security breaches in the Middle East, which have caused data losses worth millions of dollars, have led companies across verticals, particularly in banking, financial services and insurance and telecom, to invest in network security solutions. Enterprises recognition that attacks can affect business continuity and agility as well as tarnish brand image drives security installations.""
Governments in the Middle East have increased their network security spending in the education, healthcare, construction and infrastructure sectors, and ongoing as well as planned modernisation programs across these verticals will continue to spur the uptake of network security applications.
The convergence of network security technologies in a single device will boost demand for advanced security intelligence systems, although the shortage of skilled labour to manage these sophisticated, technology-intensive solutions can curb investments from companies. The unregulated distribution framework, which lacks structure in terms of price, profit potential and regional allocation, also hinders market growth.
Forming local joint ventures and partnerships will enable distributors to establish strong business relationships with key end users in the region, ensure quality after-sales services, logistics support, and spare part availability, and sustain business in the long run, especially in Saudi Arabia.
"Higher throughputs, more web-based applications, complex connections within applications, and access to a large amount of data have become a necessity in several enterprises, and solution developers need to cater to these evolving customer needs," noted Mishra. "Vendors must educate customers on next-generation firewalls, and provide marketing materials to dismiss misconceptions that new technologies are costly and complex deployments."
As smartphones and tablets continue to proliferate in the consumer and business segments and hackers target portable devices, mobile security solutions will become a priority in the Middle East.
If you are interested in more information on this research, please send an email to Tanu Chopra/ Deepshri Iyer, Corporate Communications, at tanu.chopra[.]frost.com /deepshrii[.]frost.com, with your full name, company name, title, telephone number, company email address, company Website, city, state and country.
The Middle East Network Security Market is part of the Network Security Technologies Growth Partnership Service program. Frost & Sullivans related research services include: Indian Network Security Market, APAC Network Security Market, and Asia-Pacific Managed Security Services (MSS) Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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The Middle East Network Security Market / P694-74
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Increasing Complexity of Security Threats Spurs Middle East Network Security Market Finds Frost & Sullivan
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